What is meant by market in the lower of cost or market rule quizlet?

What is meant by market in the lower of cost or market rule quizlet? In the lower-of-cost-or-market (LCM) rule, the lowest amount at which inventory can be reported; computed as the net realizable value less a normal profit margin. This minimum amount measures what the company can receive for the inventory and still earn a … Continue reading What is meant by market in the lower of cost or market rule quizlet?